Magazine names Parekss 'bank of the year'

The banking magazine The Banker in its September issue names Parekss banka the "Bank of The Year" in Latvia. The magazine announced that Parekss banka had received the title because of its ability to cooperate with both large and small companies that were a driving force for the development of the regional economy. The magazine also emphasised the bank's operations in the retail sector and the increases in its credit portfolio, deposits and customer numbers. The bank's press secretary said that, in accepting the honour, Parekss banka President Valerijs Kargins said that the increase in the bank's market share and its continuous profitability were the result of its accumulated experience and initiative. "We are operating in a very competitive environment and we have ambitious goals. The award by The Banker indicates that our strategy is the right one," Kargins said. The magazine's awards are based on an exhaustive analysis of the operations of each individual candidate, an assessment of its increase in annual figures and its likely achievements in coming years, Fainveičs said.